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Hotel Penn Deathwatch

The vultures are already circling around the soon-to-be-executed Hotel Pennsylvania: Crain's reports that a South Carolina-based company has picked up a lot across from the Farley Post Office for its first Manhattan hotel. The company, OTO Development, picked up the site for 30 percent off and is relying on the redevelopment of the Hudson rail yards and Penn Station to bring in business for the project. Eventually. [Crain's]